---
title: "EUR corporate bonds: Primary market Q1 2025"
url: https://www.helaba.com/en/eur-corporate-bonds-primary-market-q1-2025
type: dd_research
language: en
updated: 2026-09-28
keywords: Credit, Credit Special
---

# EUR corporate bonds: Primary market Q1 2025

Focus on: Credit 9 April 2025 © Helaba | Research & Advisory | | 9 April 2025 1 of 5 Research & Advisory EUR corporate bonds: Primary market Q1 2025 Issuance defies global uncertainty Placements on the primary market for euro-denominated corporate bonds totalled just un- der EUR 117 billion in the opening quarter of 2025 - around EUR 25 billion less than in a year-on-year comparison. The pace of activity cooled off somewhat, particularly in March, which to a large extent reflected volatile movements in interest rates. In spite of this, total issuance volume in Q1 2025 still achieved its second-highest level for the past ten years; similarly, the number of bond issues came in at a respectable 200. The average placement size of EUR 583 million was slightly up on the average for the whole of 2024. Despite a re- cent sharp increase in risk premiums, issuance of EUR 5.3 billion in the first six trading days of the second quarter was marginally higher than in the same period last year. Despite what appears to be solid growth at the moment, we see mounting risks that tensions over trade policy and a challeng- ing macroeconomic backdrop could potentially put the brakes on issuance activity. For this reason, there is no rul- ing out the possibility that the corporate bond market in 2025 may lag behind the record year of 2024. Popularity of larger benchmark sizes ticks up - green formats dominate ESG segment The market share of issues with a volume of between EUR 1 billion and EUR 1.5 billion rose slightly compared to Q1 2024. At the same time, bonds of between EUR 500 million and EUR 1 billion once again commanded the lion's share of the market, accounting for more than 70 % of total issuance volume. The biggest overall transactions in the first three months of the year were those by Johnson&Johnson (EUR 4 billion in 5 tranches), Carlsberg Brewer- ies (EUR 4 billion in 4 tranches), IBM (EUR 3.5 billion in 4 tranches), TotalEnergies (EUR 3.15 billion in 3 tranches) and AT&T (EUR 2.75 billion in 3 tranches). However, the market share of bonds with an ESG dimension fell to 17 % in the first quarter. In common with previous quarters, use-of-proceeds bonds remained the most favoured issu- ance format by a clear margin. Ulrich Kirschner, CFA Senior Analyst T +49 69/91 32-28 39 Opening quarter sees second-largest volume in 10 years Euro corporate bonds\*: Issuance volume in EUR (billions) \*issues with a minimum volume of EUR 50 million. Sources: Bloomberg, bondradar, Helaba Research & Advisory 0 100 200 300 400 500 0 100 200 300 400 500 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q3 Q4 Q1 Q2 Focus on: EUR corporate bonds: Primary market Q1 2025 © Helaba | Research & Advisory | 9 April 2025 2 of 5 Industrial sector places highest volume and most bonds - French issuers with almost 25% of market In the first quarter, industrials not only placed the largest bond volume of EUR 19.8 billion (17 %) but also the big- gest number of individual bonds (39). The market share of non-European corporates rose to 26 %, significantly more than the 20 % they held in 2024. This increase was largely attributable to significant activity by US firms that placed a number of major deals. In total, American issuers collectively accounted for 22 % of market volume and formed the second-largest issuer group. But the largest volume came from French corporates, which together were responsible for 23 % of total issuance. Nearly every second bond from "BBB" rating categories - maturity mix continues to normalise There was somewhat less demand for subordinated bonds from January to March 2025. They made up approx. 5 % of total placement volume versus a share of 6 % in FY 2024 and primarily consisted of hybrid notes. The market share of sub-investment grade issues fell to just under 15 % compared with 21 % in the first quarter of 2024. Companies in the "BBB" rating categories raised 46 % of total bond market volume. There was also a continued trend towards a normalisation in the maturity profile in the first three months of the year: Excluding perpetuals, around half of bonds were issued with a duration of more than seven years. Conversely, the market share of short- dated bonds of up to 3 years declined to 5 %. Demand for floating-rate notes remained buoyant, accounting for 8 % of issuance volume in Q1 2025. Focus on: EUR corporate bonds: Primary market Q1 2025 © Helaba | Research & Advisory | 9 April 2025 3 of 5 Chartbook: Euro-denominated corporate bond issuance Issuance volume weakens in March Larger benchmarks somewhat more popular EUR corporate bonds: Issuance volume in EUR (billions) EUR corporate bonds: Placements by issue size in EUR (millions) Sources: Bloomberg, bondradar, Helaba Research & Advisory Sources: Bloomberg, bondradar, Helaba Research & Advisory 0 10 20 30 40 50 60 70 0 10 20 30 40 50 60 70 Jan Febr Mär Apr Mai Jun Jul Aug Sept Okt Nov Dez 2022 2023 2024 2025 0% 20% 40% 60% 80% 100% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 < 250 500 to < 1000 1000 to < 1500 >= 1500 250 to < 500 Further decline in bonds with sustainability component Corporate ESG bond placements in EUR (billions) \*includes sustainable, social and sustainability-linked bonds from Q1 2021. Sources: Bloomberg, Helaba Research & Advisory 0% 11% 16% 25% 25% 41% 38% 16% 28% 24% 29% 20% 17% 0% 6% 12% 18% 24% 30% 36% 42% 0 5 10 15 20 25 30 35 Q1 '16 Q2 '16 Q3 '16 Q4 '16 Q1 '17 Q2 '17 Q3 '17 Q4 '17 Q1 '18 Q2 '18 Q3 '18 Q4 '18 Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1 '20 Q2 '20 Q3 '20 Q4 '20 Q1 '21 Q2 '21 Q3 '21 Q4 '21 Q1 '22 Q2 '22 Q3 '22 Q4 '22 Q1 '23 Q2 '23 Q3 '23 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Sustainability- linked Sustainable Social Green Market share\* of corporate ESG bond placements Focus on: EUR corporate bonds: Primary market Q1 2025 © Helaba | Research & Advisory | 9 April 2025 4 of 5 Industrial sector places largest volume … … and most individual issues EUR corporate bonds: Issuance volume by sector, Q1 2025 EUR corporate bonds: Number of issues by sector, Q1 2025 Sources: Bloomberg, Helaba Research & Advisory Sources: Bloomberg, Helaba Research & Advisory Industrials 17% Utilities 14% Telcos 9% Food & beverage 9% Automotive 9% Chemicals 8% Healthcare 7% Personal goods 7% Tech 6% Others 14% Industrials 39 Utilities 30 Telcos 13 Food & beverage 16 Automotive 16 Chemicals 14 Healthcare 12 Personal goods 19 Tech 11 Others 30 Non-European companies grow market share French issuers take the lead EUR corporate bonds: Issuance volume by region, Q1 2025 EUR corporate bonds: Issuance volume by country of origin, Q1 2025 Sources: Bloomberg, Helaba Research & Advisory Sources: Bloomberg, Helaba Research & Advisory European core 61% European periphery 13% Others 26% (2024: 20 %) FR 23% US 22% GE 14% IT 10% GB 7% CH 4% DK 3% NL 3% SE 2% JP 2% Others 10% Less demand for subordinated issues Slightly lower volume of sub-IG issuance EUR corporate bonds: Issuance volume by ranking, Q1 2025 EUR corporate bonds: Issuance volume by credit quality group Sources: Bloomberg, Helaba Research & Advisory Sources: Bloomberg, Helaba Research & Advisory Senior 95% Subordinated 5% 0% 20% 40% 60% 80% 100% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 IG HY Crossover NR Focus on: EUR corporate bonds: Primary market Q1 2025 © Helaba | Research & Advisory | 9 April 2025 5 of 5 Publisher and editor Helaba Research & Advisory Editor: Stefan Rausch Publisher: Dr. Gertrud R. Traud Chief Economist/ Head of Research & Advisory Neue Mainzer Str. 52-58 60311 Frankfurt am Main Germany T +49 69 / 91 32 - 2024 Internet: www.helaba.com Disclaimer This publication was very carefully researched and prepared. However, it contains analyses and fore- casts regarding current and future market condi- tions that are for informational purposes only. The data are based on sources that we consider reliable, though we cannot assume any responsibility for the sources being accurate, complete, and up to date. All statements in this publication are for informa- tional purposes. They must not be taken as an offer or recommendation for investment decisions. Sign up for our newsletter here: https://news.helaba.de/research/ “BBB” categories smash through 40 % threshold Long-dated bonds with more than 50 % of market EUR corporate bonds: Issuance volume by rating category, Q1 2025 EUR corporate bonds: Issuance volume by maturity, Q1 2025 Sources: Bloomberg, Helaba Research & Advisory Sources: Bloomberg, Helaba Research & Advisory BBB+ 20% BBB 17% A- 16% BBB- 9% A 9% NR 4% A+ 4% B+ 4% BB+ 4% AAA 3% AA- 3% Others 7% Perpet. 4% > 15 yrs 8% > 10 - 15 yrs 15% > 7 - 10 yrs 27% > 5 - 7 yrs 29% > 3- 5 yrs 12% <= 3 yrs 5% Average bond sizes slightly larger than in 2024 Floating-rate notes remain popular EUR corporate bonds: Average issuance size in EUR (millions) EUR corporate bonds: Issuance volume by fixed vs. floating, Q1 2025 Sources: Bloomberg, Helaba Research & Advisory Sources: Bloomberg, Helaba Research & Advisory 0 200 400 600 800 1000 Perpet. > 15 yr > 10 - 15 yr > 7 - 10 yr > 5 - 7 yr > 3 - 5 yr <= 3 yr Gesamt 2024 2025 Fixed 87% Floaters (others) 8% Floaters (hybrids) 5%

Second highest Q1 volume in 10 years. US addresses strongly engaged. Tariff dispute and economic worries weigh down.